Tax Reform Update: 2025 Changes to the Tax Cuts and Jobs Act | Master The Margin

In 2017, the first major tax reform in over 30 years was passed and it had a tremendous impact on independent pharmacies. Now, with the 2024 election right around the corner, many of these items could see a change! In this episode of Master The Margin, we're taking a step back from exploring the Balance Sheet and diving into an urgent update on the Tax Cuts and Jobs Act. Scotty Sykes goes over: - What's in the Tax Cuts and Jobs Act. - Updates to Tax Items That Affect Independent Pharmacies. - Election Impacts and Changes You Can Expect in 2025 tax reform. Need help understanding your tax returns? Think you're paying too much in tax? Schedule an Rx Assessment with us: https://www.sykes-cpa.com/rx-assessment-service/ Listen to previous episodes here: https://www.youtube.com/watch?v=v3hFJluMST8&list=PLbdUM3PBAwLsqJc2QZAXdJNMsENdgl3aO More resources on this topic: Webinar - Tax Cuts and Jobs Act of 2017: Pharmacy Impact and §199A: https://www.sykes-cpa.com/tax-cuts-and-jobs-act-of-2017-pharmacy-impact-and-%c2%a7199a/ Blog – Tax-smart Depreciation on Pharmacy Buildings and Equipment: https://www.sykes-cpa.com/tax-smart-depreciation-on-pharmacy-buildings-and-equipment/ Blog – Maximize Pharmacy State and Local Tax Deductions (SALT): https://www.sykes-cpa.com/maximize-pharmacy-state-and-local-tax-deductions-salt/